Hyundai, Kia target 13% rise in US sales this year

Hyundai Motor Co. and affiliate Kia Corp. aim for a 13 percent increase in US sales this year by selling more SUV and high-end models. Hyundai and Kia are targeting to sell a combined 1,360,000 vehicles in the US market in 2021, up from 1,208,374 units they sold a year earlier, the companies said. Their US sales stood at 1,304,109 units in 2019. The two South Korean carmakers expect to achieve the sales target despite the COVID-19 pandemic as demand for Hyundai's Palisade, Kona and Venue SUVs

Feb. 14, 2021

S. Korea logs $24.8b trade surplus with US in 2020

South Korea logged a $24.82 billion trade surplus with the United States last year, up 18.5 percent from the previous year, according to data compiled by the US Department of Commerce on Sunday. The country's shipments to the world's largest economy fell 1.9 percent on-year to $76.01 billion, while its imports dropped 9.4 percent to $51.21 billion over the cited period, the data showed. South Korea was the US's 7th largest trading partner last year in terms of both exports and imports, the dat

Feb. 14, 2021

S. Korean companies join global race for shift toward clean energy

South Korean companies are accelerating their shift toward renewable energy to meet tighter emission goals and get ahead in the clean technology development. Major companies have committed to use 100 percent renewable energy by 2050 to join the global clean energy RE 100 initiative led by the international nonprofit organization Climate Group to reduce carbon emissions. The Ministry of Industry, Energy and Trade has launched a domestic campaign of RE 100 to encourage more industry players to e

Feb. 14, 2021

[Herald Interview] San Francisco recycling company aims to tackle 1/3 of Korea’s plastic waste

The world recycles only 9 percent of its plastic waste. Around 12 percent is incinerated. The remaining 79 percent piles up in landfills or is thrown into the natural environment as litter. At this pace, there will be more plastics than fish in the ocean by 2050, according to the World Economic Forum. Brightmark, a waste solutions company based in San Francisco, aims to tackle the 79 percent with its patented recycling technology that can turn 93 percent of plastic wastes into reusable reso

Feb. 13, 2021

[Herald Interview] GenEdit to hone in on nervous system disorders in 2021 blueprint

It was Christmas Eve in 2015. The seasonal festive vibe was blocked out from the science lab in UC Berkley, California, where bioengineering doctoral candidate Lee Gun-woo, then 27, was immersed in his research. Lee’s heart quickened as he watched the results of his experiment unravel before his eyes. A polymer nanoparticle traveled straight to his intended target genome in a test rat and changed its DNA. A jolt ran down his spine. “This could make CRISPR DNA scissors work in the h

Feb. 13, 2021

New Seollal tradition: Cash transfers, gift cards

The social distancing rule that prohibits a gathering of more than five people during the Lunar New Year holiday has led Koreans to seek practical alternatives to the tradition of gifting cash to children -- now via mobiles, not in-person. Kakao Bank, South Korea’s internet-only lender, is capitalizing on the special circumstances created by the coronavirus that restrict in-person family visits. The firm has launched a giveaway event for those who send or receive New Year‘s mone

Feb. 13, 2021

Activist funds to watch in Korea proxy season

Activist fund managers at home and abroad are expected to play a bigger role in the forthcoming proxy season this year in South Korea that starts in March. Seoul-based proxy advisory services firm Korea Corporate Governance Service said in a report Tuesday the shareholders of the companies subject to proxy battle needs closer monitoring, as their results are “unpredictable.” Homegrown private equity firms including Korea Corporate Governance Improvement and HYK Partners are expecte

Feb. 13, 2021

S. Korea’s central bank faces key changes to role in digital era

The upheavals brought by the COVID-19 pandemic have hastened the challenges faced by South Korea’s central bank, from digital transformation to demand for its bigger role to strive for employment stability in carrying out monetary policies. With the quickly changing economic and financial landscape, central banks around the world are scurrying to digitalize themselves. The People’s Bank of China recently entered the final stages of its own digital currency development and other cent

Feb. 13, 2021

S. Korea expects 3 more homegrown COVID-19 treatments in H1

Three homegrown treatments for the novel coronavirus are expected to receive approval as early as the first half of this year as the country speeds up the approval process amid the pandemic.    Last week, the country's drug safety agency approved pharmaceutical giant Celltrion Inc.'s CT-P59, an anti-COVID-19 monoclonal antibody treatment, marking the country's first homegrown treatment. The treatment will be provided to medical institutions starting in mid-February. It can only be ad

Feb. 13, 2021

Naver, Kakao employees pocket 'bonuses' amid brisk performance

Naver and Kakao -- the two major South Korean tech companies -- have recently provided "bonuses," such as stock options and shares, to their employees amid record-breaking performances    Annual sales of Naver -- South Korea's top internet portal operator -- and Kakao -- the operator of the country's top mobile messenger, KakaoTalk -- both jumped to all-time highs of 5.3 trillion won ($4.8 billion) and 4.15 trillion won, respectively, in 2020. The two tech firms have been c

Feb. 13, 2021

Parcel volume rises 21% in 2020 amid pandemic

The parcel volume in South Korea rose 21 percent last year from a year earlier as more people shifted to online shopping amid the COVID-19 pandemic, government data showed Saturday.    A total of 3.37 billion parcels were delivered in the nation by 18 logistics companies in 2020, surpassing 3 billion for the first time, according to the data by the Ministry of Land, Infrastructure and Transport.     The parcel volume exceeded 2 billion in 2016 and had posted around

Feb. 13, 2021

S. Korea's major banks likely to keep creditworthiness: S&P

South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings.    Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact.    Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f

Feb. 13, 2021

How Korean food is rising to capture the world’s palate

Tangy, salty, sweet and spicy -- Korean food is all of that. Often using fermented condiments like the traditional “jang” and a diversity of spices, such as garlic, onion and pepper, Korean cuisine is notable for creating a harmony of flavors. Despite the rich and diverse tastes that come from the mastery of balancing these strong spices, Korean food long had a relatively short list of globally promoted dishes, especially compared to neighboring China and Japan. The list include

Feb. 12, 2021

[Time to Play] NCSoft’s K-pop platform Universe ushers in AI voice subscription service

On a boring afternoon of yet another day working from home, a smartphone comes to life with a delightful ringtone. It’s a call from Ahn Yujin, the lead vocal of South Korean female K-pop band IZ*ONE. In her trademark husky voice, she calls you by name, saying “How’s it going? I know you’re busy, but take some rest from time to time, okay?” The 25-second-long phone call is a moment of solace, at a time when almost all direct human contact has been replaced with

Feb. 12, 2021

[Herald Interview] Korean retail investors seek ties with WallStreetBets against short sellers

A group of local retail stock traders is working on a global anti-short selling campaign that may involve forging a partnership with WallStreetBets -- a regiment of amateur investors on the US social-networking website Reddit that drew attention for taking action against sophisticated hedge funds last month. Jung Eui-jung -- head of the Korea Stockholders Alliance, which represents some 22,000 stock investors -- told The Korea Herald that he had gone to the online forum and proposed a cros

Feb. 12, 2021

Seoulites in 20s and 30s prefer property investments north of the Han

‘Ma-yong-seong,’ a portmanteau of three Seoul districts -- Mapo, Yongsan, and Seongdong -- is where Koreans in their 20s and 30s most want to invest, while Gangnam is the place favored by those in their 40s, according to poll results recently released by property data provider Zigbang. A survey of 1,796 Zigbang subscribers showed that 15.5 percent of participants said they think real estate properties in the three districts are the best investment choices, while 15.3 percent said

Feb. 12, 2021

Tesla launches Model Y in S. Korea

US electric vehicle maker Tesla Inc. on Friday launched its compact sport utility vehicle, the Model Y, in South Korea as it tries to boost sales in the country. Tesla Korea said the Model Y is available in three trim levels here, with the starting price for the standard range model set at 59.99 million won ($54,191). The prices for the long-range model and the performance trim are to start from 69.99 million won and 79.99 million won, respectively. Starting this year, South Korea will give

Feb. 12, 2021

[Herald Interview] Chaul: How Beiersdorf’s Korean tea-inspired skin care brand came about

In November the South Korean unit of German personal care giant Beiersdorf, the company behind brands such as Nivea and Eucerin, launched skin care brand Chaul. Its first lineup is inspired by the tea that grows in the southern part of the country -- in Hadong County, South Gyeongsang Province. Chaul, the first Beiersdorf brand to be exclusively developed and launched in Asia, was created in Korea with plans to branch out into other markets as the company recognizes the country’s famous K

Feb. 11, 2021

LG H&H and Amorepacific: How Korea‘s two largest beauty giants swapped places during pandemic

For several decades, South Korea’s cosmetics industry has been dominated by two major players -- Amorepacific and LG Household & Health Care, together accounting for over 60 percent of the market as of end-2019. As the LG affiliate possessed a more diverse portfolio, also covering daily necessities such as toothpaste and detergent, beauty-dedicated powerhouse Amorepacific had an upper hand over its rival in the cosmetics sector. But this is no longer the case, as runner-up LG has at

Feb. 11, 2021

LG Energy Solution threatens further legal action against SK Innovation after victory in US

Upping the ante in its battle with rival SK Innovation after a victory in the US International Trade Court, LG Energy Solution on Thursday threatened further legal action in Europe and South Korea. In a final ruling delivered Wednesday, US time, SK Innovation was slapped with a 10-year ban on importing lithium-ion battery products to the US, with a grace period of up to four years, for stealing trade secrets from LG Energy Solution. “It’s difficult to say SK Innovation’s th

Feb. 11, 2021